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Will Treasury’s Move Spur Adoption of E-Invoicing?

Department estimates eliminating paper invoices will cut costs by 50%.

By Staff Writer | Updated on September 01, 2011

The U.S. Treasury plans to switch to electronic invoicing, a move that might accelerate the dawdling adoption of e-invoicing in this country.

Treasury announced last month that companies with which it does business must begin to submit electronic invoices by 2013. The department estimated the switch to e-invoicing will cut its invoice processing costs by 50%, saving it $7 million a year. Treasury also cited the advantages e-invoicing will provide vendors, including faster payment and the ability to check the status of invoices online.

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